Are all contract signers listed on 1004?

[jay trotta]

Just being me;
When you analyze the Purchase & Sale Agreement are you intentionally leaving out one party? would or could that be misleading?

 

[Fernando]

Particularly speaking, if client gives you one name from the contract, just put that one name in the 1004. I never lost sleep over that and never been called out.
In the contract comments, I mention all relevant information like the buyers name, if agent is both listing and buyers agent, date ratified, etc.

 

[Tom4value]

Your software must be different than mine and the Fannie sample on their website. They both say borrower

Ok, stand corrected. Point was it says "borrower", not "owner(s)"

 

[Tom4value]

Just being me;
When you analyze the Purchase & Sale Agreement are you intentionally leaving out one party? would or could that be misleading?

No. You are analyzing price, terms/conditions, buyers and sellers, etc. The form is asking for "borrower"(s).

 

[jay trotta]

No. You are analyzing price, terms/conditions, buyers and sellers, etc. The form is asking for "borrower"(s).

IMO- a contract contains all things pertinent to the Offer & Acceptance, including Buyers & Sellers.
But, you do you...

 

[Fernando]

In the old days, I just put the last surname as the borrower. Now if client/lender has only one name from contract, I put that name on 1004.
Who am I to second guess who are the borrowers.

 

[Tom4value]

IMO- a contract contains all things pertinent to the Offer & Acceptance, including Buyers & Sellers.
But, you do you...

Not saying don't mention it. Just saying, IMHO, it is not necessary. Analyze the contract does not mean you have to mention everything. Only what may affect value/marketability.

 

[Fernando]

Not saying don't mention it. Just saying, IMHO, it is not necessary. Analyze the contract does not mean you have to mention everything. Only what may affect value/marketability.

If not sure, mention everythng in contract. Real good appraisers would know what is relevant.
If listing and buyers agent same, there is a conflict and may affect sales price.
If multiple offers, winning bid could be over market.
Let the reader make their decision when they know the facts.

 

[sputnam]

Reporting the name of the borrower is not required by USPAP. It's a GSE requirement. More directly... No... you don't have to list all the names on the contract. Maybe one of the buyers has cash. What you list in the borrower field is what the Lender has told you.

 

[Fernando]

Reporting the name of the borrower is not required by USPAP. It's a GSE requirement. More directly... No... you don't have to list all the names on the contract. Maybe one of the buyers has cash. What you list in the borrower field is what the Lender has told you.

Or one borrower has bad credit and doesn't want to be on the loan. Or only need one borrower who has enough income to qualify for the loan.
Appraisers don't need to worry about the status of the buyers as borrowers.